Spot gold prices are trading around unchanged levels Thursday after prices managed to recover to post some marginal gains during the
previous session. Spot gold prices ended Wednesday’s session $4.05 higher at $1603.10 a troy ounce, after briefly breaching support at $1592. Prices continue to hover just above $1600 amid persistent hopes of stimulus measures from the US Federal Reserve, despite some recent data suggesting that they may still yet again hold off at their next gathering in mid-September. Spot gold prices have spent most of the morning consolidating above $1600 in quiet trade, with the market so far holding at session lows of $1602.56, after printing an intra-day high of $1606.90 earlier this morning. Price action remains subdued, with only moderate volumes reported so far. Spot gold is currently seen trading marginally higher at $1603.90 a troy ounce, up $0.80 on the session.
EasyForexNews Research Team